The Tax Formula for Individuals, Filing Status and Tax Computation, The Standard Deduction (LO 1.3, 1.5, 1.8) Brock, age 50, and Erin, age 49, are married with three dependent children. They file a joint return for 2020. Their income from salaries totals $50,000, and they received $8,000 in taxable interest, $5,000 in royalties, and $3,000 in other ordinary income. Brock and Erin's deductions for adjusted gross income amount to $2,500, and they have itemized deductions totaling $19,250. Table for the standard deduction Filing Status Standard Deduction Single $12,400   Married, filing jointly 24,800   Married, filing separately 12,400   Head of household 18,650   Qualifying widow(er) 24,800   Click here to access the tax tables. Calculate the following amounts: a.  Gross income $fill in the blank 1 b.  Adjusted gross income $fill in the blank 2 c.  Itemized deduction or standard deduction amount $fill in the blank 3 d.  Taxable income $fill in the blank 4 e.  Income tax liability (before any credits) $fill in the blank 5

Q: Susan and Stan Britton are a married couple who file a joint income tax return, where the tax rates…

A: Tax is a compulsory payment made to the government of the country by the citizens of the country.…

Q: During 2018, the Smiths and the Joneses both filed joint tax returns. For the tax year ended…

A: Answer:        Tax on Smith taxable income of $130000 based   on tax rates for joint returns…

Q: Drake and Davina are married and file a joint return for 2021 with taxable income of $100,000 and…

A: Introduction: Your tax liability is the sum of income you owe to taxing authorities such as your…

Q: Alan and Sara Winthrop are a married couple who file a joint income tax return. They have two…

A: The question is related to marginal tax rate. The marginal tax rate is the tax rate you pay on an…

Q: Compute Monica 's 2020 AGI, taxable income and tax liability on the basis of the following…

A: Taxes are calculated on the AGI.

Q: Alan and Sara Winthrop are a married couple who file a joint income tax return. They have two…

A: The personal exemption for the tax year 2020 is $0 So, the taxable income for 2020 = $181,200 -…

Q: Angelena files as a head of household. In 2019, she reported $53,450 of taxable income, including a…

A: Step 1 The taxable regular income is $43,450. It is obtained by subtracting the dividend with a…

Q: Keith is single with taxable income of $90,000. Use the 2021 tax rate schedule to calculate Keith's…

A: Lets understand the basics. As per IRS, there are seven brackets for the calculation of taxes which…

Q: "Xavier and his wife Maria have total W-2 income of $95,102. They will file their tax return as…

A: The income tax refers to the amount of tax that is put by the government on the income earned by…

Q: Leonardo , who is maried but files separatley, earns $64,000 taxable income. He also has $16,800 in…

A: The tax rate that applies to each tax bracket of a taxpayer's income or other taxable income for…

Q: Ruth and Gaston file a joint tax return. Ruth earned $14,000 during the year while Gaston earned…

A: Given the following information: Ruth earned $14,000 during the year Gaston earned $8,000 for the…

Q: Oscar and Mary have no dependents and file a joint income tax return for 2021. They have adjusted…

A: Disclaimer: “Since you have asked multiple question, we will solve the first question for you. If…

Q: enrich is a single taxpayer. In 2020, his taxable income is $451,000. What is his income tax and net…

A: Taxable income $450,000 Less: preferentially  taxed income  $55,000 income taxed at ordinary…

Q: Melissa and Whitney are married taxpayers with taxable income of $106,000 and file a joint tax…

A: Tax Liability: Tax liability is the amount of money you owe to tax authorities, such as your local,…

Q: In 2021, Sheryl is claimed as a dependent on her parents' tax return. Her parents report taxable…

A: In this case 7000 $ is an unearned income,and it exceeded 2200 limit.

Q: Olga is married and files a joint tax return with her husband. What amount of AMT exemption may she…

A: In the given case, Olga is married and files joint return with her Husband. Hence the phase out…

Q: Jackson, age 35, and Peggy, age 34, are married and file a joint income tax return for 2020. Their…

A: Taxable income is the amount of income computed to measure the amount of taxes to be paid to the…

Q: The Tax Formula for Individuals, Filing Status and Tax Computation, The Standard Deduction (LO 1.3,…

A: Gross income refers to the total income that includes salaries, royalty, and so on. Adjusted gross…

Q: Emily and Juan are married and filed jointly. Their combined wages were $130,000 and they had no…

A: (a) Tax Payer - Emily and Juan (b) Status - Married Filing Jointly (MFJ) (c) Combined Wages = $…

Q: Joe and Jane Keller are a married couple who file a joint income taxreturn, where the tax rates are…

A: The marginal tax rate seems to be the sum of additional tax that must be paid for each new dollar of…

Q: Jaylen and Zan are married, filing jointly. Their total adjusted gross income was $80,000 and they…

A: Given: Gross income = $80,000 Standard deduction = $24,000

Q: Lacy is a single taxpayer. In 2021, her taxable income is $42,800. What is her tax liability in each…

A: a) 10% x $9950 + 12% x ( $40525 - $9950) + 22% x ($42800 - $40525) =$995 + $3669 + $500.5 =$5164.5…

Q: Brian and Kim have a 12-year-old child, Stan. For 2020, Brian and Kim have taxable income of…

A: Unearned income: It is the income earned from sources other than business activities, work or…

Q: The Tax Formula for Individuals, Filing Status and Tax Computation, The Standard Deduction (LO 1.3,…

A: Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for you. If…

Q: Apply the tax benefit rule to determine the amount of the state income tax refund included in gross…

A: Tax benefit rule has been provided by Internal Revenue Service. This tax benefit rule provides that…

Q: Olga is married and files a joint tax return with her husband. What amount of AMT exemption may she…

A: AMTI is alternate minimum tax amount that needs to be paid by the companies. This is different from…

Q: Roger and Nicole are married filing a joint income tax return. Their AGI for 2021 is $98,000. They…

A: Lifetime Learning Tax Credit is the amount by which investor can reduce their net tax liability for…

Q: Calculate the AGI, Taxable Income and Tax Liability for 2021 for Samantha age 63 and Bob age 64 who…

A:

Q: Wanda, a single taxpayer, has alternative minimum taxable income of $149,200 for 2020. Her regular…

A: Alternative Minimum Tax (AMT) is a tax liable on the minimum income earned by a person in the United…

Q: The Tax Formula for Individuals, Filing Status and Tax Computation, The Standard Deduction (LO 1.3,…

A: Income tax is the amount that is to be paid to the federal government on the income earned by an…

Q: Angelena files as a head of household. In 2021, she reported $54,900 of taxable income, including a…

A: Introduction: Accountants must assess their tax liabilities to guarantee that they can pay the right…

Q: Theodore, age 74, and Maureen, age 59, are married taxpayers with two dependents. Their adjusted…

A: Taxable income: Taxable income refers to the gross income less any allowable deductions of a…

Q: The Tax Formula for Individuals, Filing Status and Tax Computation, The Standard Deduction (LO 1.3,…

A: Tax:- A tax is the compulsory payment which is imposed by the government on income and capital gain…

Q: In 2020, Fred (55, head of household) has taxable income of $79,120. Fred had federal income taxes…

A: Tax is regarded as the mandatory amount which is paid by the taxpayer to the state or local…

Q: Compute the taxable income for 2020 under each of the following circumstances:   Jim is married but…

A: The taxpayer is married but filing separately. Adjusted gross income of the taxpayer is $65,000 and…

Q: Marlin and Teri are married and will file a joint return. They live in a state that does not impose…

A: Itemized deductions are the one which are deducted from the gross income of the tax payer so that…

Q: Matt and Alex are married and filed jointly. Their combined wages were $83,300. They received $1650…

A: Data given: Combined wages = $83,300 Interest income  = $ 1650 Child tax credit = $2000 Contribution…

Q: Henrich is a single taxpayer. In 2020, his taxable income is $451,000. What is his income tax and…

A: Hello, I am only answering first three sub parts of the question as per the policy and if you want…

Q: Mike and Ashlyn are married and filed jointly. Their combined wages were $75,300. They earned $2000…

A: Standard deduction : A fixed amount of deduction is given to the taxpayer. If taxpayer choose…

Q: Jaylen and Zan are married, filing jointly. Their total adjusted gross income was $81,000 and they…

A: Jaylen and Zan are married, filing jointly. Their total adjusted gross income was $81,000 and they…

Q: The Tax Formula for Individuals, Filing Status and Tax Computation, The Standard Deduction (LO 1.3,…

A: Gross income  salary  50000 interest  8000 Royalties  5000 ordinary  3000

Q: The Tax Formula for Individuals, Filing Status and Tax Computation, The Standard Deduction (LO 1.3,…

A: Tax liability refers to the liability of an individual, corporation or any other entity to pay tax…

Q: 1. Theodore, age 74, and Maureen, age 59, are married taxpayers with two dependents. Their adjusted…

A: 1. a. $24,400 + $1,300 = $25,700     b. $43,600 - $25,700 =$17,900.

Q: What is the other dependent credit Mr. and Mrs. Vonce may claim on their 2019 tax return?

A: Income tax: - Income tax is the tax that is paid by the individual/firm/company when it earns…

Q: 18. Sam files jointly with his wife, and they have 2 children. The family's gross income is $125,…

A: Internal revenue services: It is  the income administration for the United States central…

Q: Geronimo files his tax return as a head of household for year 2021. If his taxable income is…

A:

Q: 0. You filed a joint tax return. Prior to the passage of the 2017 TCJA, your tax bracket would be…

A: Taxable income refers to the sum total of income earned or gain by an entity that is now subject to…

Q: In 2021, Lisa and Fred, a married couple, had taxable income of $321,000. If they were to file…

A: Tax liability couple:-  Total income = $321,000 $19,900 ×10%                      = $1,990 $61,149 ×…

Q: Alan and Sara Winthrop are a married couple who file a joint income tax return. They have two…

A: Calculation of taxable income Particulars Amount Gross income 168300 Less: itemized deduction…

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.